The Enforcement Directorate has seized means worth ₹305.84 crore of the popular jewellery chain Joyalukkas on Friday, days after five of the company’s demesne were raided by the inquiry agency. The ED has indicted the jewellery chain of violating vittles of the Foreign Exchange Management Act. The case relates to a huge quantum of cash transferred to Dubai from India through Hawala channels and latterly invested in Joyalukkas Jewellery LLC, Dubai which is 100 per cent possessed by Joy Alukkas Verghese. On Tuesday, the company had withdrawn its ₹,300 crore original public immolation or IPO saying it demanded further time to incorporate substantial changes to its fiscal results.
The attached means include 33 irremovable parcels valued at ₹81.54 crore conforming of land and a domestic structure in Shobha City, Thrissur. Three bank accounts valued at ₹91.22 lakh, three fixed deposits amounting to ₹5.58 crore and Joyalukkas shares worth217.81 crores have also been seized by the Enforcement Directorate. The company had plans to refile its IPO documents” at the foremost, subject to request conditions,” Chief Executive Baby George told Reuters on Tuesday, without evolving further.
The jewellery retailer, which focuses substantially on Southern India, is the rearmost to delay or pull its IPO plans amid request volatility and stubbornly high affectation. The company operates showrooms across roughly 68 metropolises.